Well-Positioned Balance Sheet with
Strategic Expense Measures Executed
Adjusted net income1 for the fourth quarter of 2023 was
Pre-tax pre-provision earnings1 were
For the fourth quarter of 2023, return on average tangible assets was 0.99% and return on average tangible shareholders' equity was 11.22%, compared to 1.04% and 11.90%, respectively, in the prior quarter, and 0.94% and 10.36%, respectively, in the prior year quarter. Adjusted return on average tangible assets1 in the fourth quarter of 2023 was 1.04% and adjusted return on average tangible shareholders' equity1 was 11.80%, compared to 1.12% and 12.79%, respectively, in the prior quarter, and 1.36% and 15.05%, respectively, in the prior year quarter. For the year ended
Shaffer added, "Early in the fourth quarter, we took advantage of market conditions and repurchased 546,200 shares of our common stock at
Shaffer concluded, "As we embark on 2024, we remain diligently focused on maintaining our conservative balance sheet principles and carefully managing our expense base while investing to drive low-cost deposit growth. We believe this rigorous approach will support solid capital growth, maintain a broadly diversified and stable funding base, and continue to bolster the Company’s fortress balance sheet while increasing franchise value over the long run.”
Financial Results
Income Statement
- Net income was
$29.5 million , or$0.35 per diluted share, for the fourth quarter of 2023 compared to net income of$31.4 million , or$0.37 per diluted share, for the prior quarter, and$23.9 million , or$0.34 per diluted share, for the prior year quarter. For the year endedDecember 31, 2023 , net income was$104.0 million , or$1.23 per diluted share, compared to$106 .5 million, or$1.66 per diluted share, for the year endedDecember 31, 2022 . Adjusted net income1 for the fourth quarter of 2023 was$36.5 million , or$0.43 per diluted share, compared to$39.7 million , or$0.46 per diluted share, for the prior quarter, and$39.9 million , or$0.56 per diluted share, for the prior year quarter. For the year endedDecember 31, 2023 , adjusted net income1 was$154.7 million , or$1.83 per diluted share, compared to$136.1 million , or$2.12 per diluted share, for the year endedDecember 31, 2022 . - Net revenues were
$128.2 million in the fourth quarter of 2023, a decrease of$8.9 million , or 7%, compared to the prior quarter, and a decrease of$9.2 million , or 7%, compared to the prior year quarter. For the year endedDecember 31, 2023 , net revenues were$567.4 million , an increase of$135.1 million , or 31%, compared to the year endedDecember 31, 2022 . Adjusted revenues on a fully taxable equivalent basis1 were$130.8 million in the fourth quarter of 2023, a decrease of$6.9 million , or 5%, compared to the prior quarter, and a decrease of$6.7 million , or 5%, compared to the prior year quarter. For the year endedDecember 31, 2023 , adjusted revenues on a fully taxable equivalent basis1 were$569.0 million , an increase of$135.1 million , or 31%, compared to the year endedDecember 31, 2022 . - Pre-tax pre-provision earnings1 were
$42.0 million in the fourth quarter of 2023, a decrease of 3% compared to the third quarter of 2023 and a decrease of 9% compared to the fourth quarter of 2022. Pre-tax pre-provision earnings1 for the year endedDecember 31, 2023 were$172.6 million , an increase of$7.8 million , or 5%, when compared to the year endedDecember 31, 2022 . Adjusted pre-tax pre-provision earnings1 were$51.9 million in the fourth quarter of 2023, a decrease of 5% compared to the third quarter of 2023 and a decrease of 22% compared to the fourth quarter of 2022. Adjusted pre-tax pre-provision earnings1 for the year endedDecember 31, 2023 were$242.6 million , an increase of$38.9 million , or 19%, compared to the year endedDecember 31, 2022 - Net interest income totaled
$110.8 million in the fourth quarter of 2023, a decrease of$8.5 million , or 7%, from the third quarter of 2023 and a decrease of$8.9 million , or 7%, compared to the fourth quarter of 2022. During the fourth quarter of 2023, higher interest expense on deposits was driven by higher rates and changes in product mix. Accretion on acquired loans totaled$11.3 million in the fourth quarter of 2023,$14.8 million in the third quarter of 2023, and$9.7 million in the fourth quarter of 2022. For the year endedDecember 31, 2023 , net interest income was$488.2 million , an increase of$122.1 million , or 33%, compared to the year endedDecember 31, 2022 . Accretion on acquired loans totaled$56.7 million for the year endedDecember 31, 2023 , compared to$18.4 million for the year endedDecember 31, 2022 . The year-over-year increase in accretion reflects the impact of purchase marks from bank acquisitions in late 2022 and early 2023. - Net interest margin decreased 21 basis points to 3.36% in the fourth quarter of 2023 compared to 3.57% in the third quarter of 2023. Excluding the effects of accretion on acquired loans, net interest margin decreased 11 basis points to 3.02% in the fourth quarter of 2023 compared to 3.13% in the third quarter of 2023. Loan yields contracted eight basis points from the prior quarter to 5.85% due to lower accretion of purchase discount on acquired loans. Excluding the effects of accretion on acquired loans, loan yields increased six basis points, from 5.34% in the third quarter of 2023 to 5.40% in the fourth quarter of 2023. Securities yields increased 10 basis points to 3.42%, compared to 3.32% in the prior quarter. The cost of deposits increased 21 basis points, from 1.79% in the prior quarter, to 2.00% for the fourth quarter of 2023.
- Noninterest income totaled
$17.3 million in the fourth quarter of 2023, a decrease of$0.5 million , or 3%, compared to the prior quarter, and a decrease of$0.3 million , or 2%, compared to the prior year quarter. Results for the fourth quarter of 2023 included$2.9 million in losses on the sale of approximately$82.9 million , or 3%, of the bank’s investment securities portfolio. The proceeds were reinvested into longer-duration, higher-yielding securities, with an expected earnback on the transaction of approximately 1.3 years. Offsetting realized losses on sales of securities during the fourth quarter of 2023 was a$0.5 million increase in the value of investments in mutual funds holding CRA-qualified debt securities. Other changes compared to the third quarter of 2023 included the following:- Interchange income increased
$0.7 million , or 44%, to$2.4 million , benefiting from an annual volume-based incentive earned from the payment network provider. The Durbin amendment, which limits network interchange fees earned on debit card transactions, became effective for Seacoast onJuly 1, 2023 . - SBA gains increased
$0.3 million , or 50%, to$0.9 million due to higher saleable originations. - Other income increased
$0.4 million , or 8%, to$4.7 million , reflecting higher loan swap-related income.
- Interchange income increased
- The provision for credit losses was
$4.0 million in the fourth quarter of 2023, compared to$2.7 million in the third quarter of 2023 and$14.1 million in the fourth quarter of 2022. Included in the fourth quarter of 2022 was a$15.0 million day-1 provision associated with two bank acquisitions. - Noninterest expense was
$86.4 million in the fourth quarter of 2023, a decrease of$7.5 million , or 8%, compared to the prior quarter, and a decrease of$5.1 million , or 6%, compared to the prior year quarter. For the year endedDecember 31, 2023 , noninterest expense was$395.6 million , compared to$267.9 million for the year endedDecember 31, 2022 . Changes compared to the third quarter of 2023 included:- Salaries and wages decreased
$8.0 million to$38.4 million . The third quarter of 2023 included$3.2 million in severance-related expenses arising from the Company’s reduction in workforce. Of the remaining$4.8 million decrease,$1.7 million reflects the full quarter impact of the workforce reduction on salaries expense, and$2.8 million is attributed to higher loan production resulting in higher deferral of salary-related costs. - Marketing expense increased
$1.1 million to$3.0 million reflecting additional investments in branding and targeted campaigns. - Legal and professional fees increased
$0.6 million to$3.3 million in the fourth quarter of 2023, primarily the result of one-time legal fees associated with a closed matter. FDIC assessments increased$0.6 million to$2.8 million , with the full year expense reflecting the year-over-year growth in the Company’s asset size.- Foreclosed property expense increased
$0.3 million to$0.6 million in the fourth quarter of 2023 due to write-downs in the value of properties previously used in bank operations. - Other noninterest expenses decreased
$0.7 million to$6.5 million , benefiting from ongoing expense discipline.
- Salaries and wages decreased
- Seacoast recorded
$8.3 million of income tax expense in the fourth quarter of 2023, compared to$9.1 million in the third quarter of 2023, and$7.8 million in the fourth quarter of 2022. Tax benefits related to stock-based compensation totaled$0.6 million in the fourth quarter of 2023, were nominal in the third quarter of 2023, and totaled$0.2 million in the fourth quarter of 2022. - The efficiency ratio was 60.32% in the fourth quarter of 2023, compared to 62.60% in the third quarter of 2023 and 63.39% in the prior year quarter. The adjusted efficiency ratio1 was 60.32% in the fourth quarter of 2023, compared to 60.19% in the third quarter of 2023 and 51.52% in the prior year quarter. The efficiency ratio for the year ended
December 31, 2023 was 64.07% compared to 60.01% for the year endedDecember 31, 2022 . The adjusted efficiency ratio1 for the year endedDecember 31, 2023 was 57.35% compared to 53.03% for the year endedDecember 31, 2022 . The increase in the efficiency ratio in 2023 reflects the impact of higher deposit rates.
Balance Sheet
- At
December 31, 2023 , the Company had total assets of$14.6 billion and total shareholders' equity of$2.1 billion . Book value per share was$24.84 as ofDecember 31, 2023 , compared to$24.06 as ofSeptember 30, 2023 , and$22.45 as ofDecember 31, 2022 . Tangible book value per share totaled$15.08 as ofDecember 31, 2023 compared to$14.26 atSeptember 30, 2023 , and$14.69 as ofDecember 31, 2022 . - Debt securities totaled
$2.5 billion as ofDecember 31, 2023 , a decrease of$16.9 million , or 1%, compared toSeptember 30, 2023 . Debt securities include approximately$1.8 billion in securities held at fair value and classified as available for sale. Unrealized losses on debt securities available for sale declined by$73.4 million , or 26%, in the fourth quarter of 2023, benefiting from changes in market interest rates. Unrealized losses on available for sale securities are fully reflected in the value presented on the balance sheet. The portfolio also includes$680.3 million in securities classified as held to maturity with a fair value of$558.4 million . Held-to-maturity securities consist solely of mortgage-backed securities and collateralized mortgage obligations guaranteed byU.S. government agencies, each of which is expected to recover any price depreciation over its holding period as the debt securities move to maturity. The Company has significant liquidity and available borrowing capacity and has the intent and ability to hold these investments to maturity. - Loans increased
$51.8 million during the fourth quarter of 2023, totaling$10.1 billion as ofDecember 31, 2023 . The Company continues to exercise a disciplined approach to lending, carefully underwriting loans to strict underwriting guidelines and setting high expectations for risk adjusted returns. - Loan originations were
$477 .9 million in the fourth quarter of 2023, an increase of 95% compared to$244.6 million in the third quarter of 2023. New add on yields were near 8% during the fourth quarter of 2023.- Commercial originations were
$334.2 million during the fourth quarter of 2023, compared to$94.0 million in the third quarter of 2023 and$482.2 million in the fourth quarter of 2022. - SBA originations were
$25 .0 million during the fourth quarter of 2023, compared to$12 .5 million in the third quarter of 2023 and$7 .4 million in the fourth quarter of 2022. - Consumer originations in the fourth quarter of 2023 decreased to
$61 .8 million from$76 .5 million in the third quarter of 2023 and from$88 .7 million in the fourth quarter of 2022. - Closed residential loans retained in the portfolio totaled
$41 .2 million in the fourth quarter of 2023, compared to$44 .0 million in the third quarter of 2023 and$74 .3 million in the fourth quarter of 2022. - Residential loans originated for sale in the secondary market totaled
$15 .6 million in the fourth quarter of 2023, compared to$17 .6 million in the third quarter of 2023 and$10 .7 million in the fourth quarter of 2022.
- Commercial originations were
- Loan pipelines (loans in underwriting and approval or approved and not yet closed) totaled
$393.0 million as ofDecember 31, 2023 , an increase of 11% fromSeptember 30, 2023 and a decrease of 13% fromDecember 31, 2022 .- Commercial pipelines were
$306.5 million as ofDecember 31, 2023 , an increase of 18% from$259.4 million atSeptember 30, 2023 , and a decrease of 21% from$389.7 million atDecember 31, 2022 . - SBA pipelines were
$20.6 million as ofDecember 31, 2023 , compared to$41.4 million atSeptember 30, 2023 and$6.0 million atDecember 31, 2022 . - Consumer pipelines were
$18.7 million as ofDecember 31, 2023 , a decrease of$5.7 million from$24.5 million atSeptember 30, 2023 , and a decrease of 49% from$36.6 million atDecember 31, 2022 . - Retained residential pipelines were
$44.4 million as ofDecember 31, 2023 , compared to$20.9 million atSeptember 30, 2023 , and$17.1 million atDecember 31, 2022 . Residential saleable pipelines were$2.7 million as ofDecember 31, 2023 , compared to$6.8 million atSeptember 30, 2023 , and$4.2 million atDecember 31, 2022 .
- Commercial pipelines were
- Total deposits were
$11.8 billion as ofDecember 31, 2023 , a decrease of$330.9 million when compared toSeptember 30, 2023 , and an increase of$1.8 billion , or 18%, compared toDecember 31, 2022 . Seacoast’s granular, longstanding deposit base is a hallmark of our franchise and serves as a significant source of strength.- Total customer funding, which includes sweep repurchase accounts and excludes brokered deposits, was
$12.0 billion , declining modestly by $47 million during the fourth quarter of 2023. - Quarter over quarter, attorney IOTA and title company balances declined by nearly $100 million due to lower real estate activity at year-end. This seasonal dynamic also occurred in the fourth quarter of 2022.
- At
December 31, 2023 , transaction account balances represented 54% of overall deposits. - Noninterest demand deposits represent 30% of overall deposits.
- The Company benefits from a granular deposit franchise, with the top ten depositors representing only 4% of total deposits.
- Average deposits per banking center were $153 million at
December 31, 2023 . - Uninsured deposits represented only 35% of overall deposit accounts as of
December 31, 2023 . This includes public funds under theFlorida Qualified Public Depository program, which provides loss protection to depositors beyondFDIC insurance limits. Excluding such balances, the uninsured and uncollateralized deposits were 29% of total deposits. The Company has liquidity sources including cash and lines of credit with theFederal Reserve andFederal Home Loan Bank that represent 145% of uninsured deposits, and 176% of uninsured and uncollateralized deposits. - Consumer deposits represent 40% of overall deposit funding with an average consumer customer balance of
$24 thousand . Commercial deposits represent 60% of overall deposit funding with an average business customer balance of$109 thousand .
- Total customer funding, which includes sweep repurchase accounts and excludes brokered deposits, was
Federal Home Loan Bank advances totaled$50.0 million atDecember 31, 2023 with an interest rate of 3.23%. In the aggregate, borrowed funds, including FHLB advances, subordinated debt and brokered deposits represented only 2.2% of total liabilities as ofDecember 31, 2023 . During the fourth quarter of 2023, the Company paid down$245 .6 million in FHLB advances and brokered deposits.
Asset Quality
- Credit metrics remain strong, though nonperforming, criticized, and classified loans have increased slightly from historic low levels. The Company maintains robust concentration management, focused on sustaining a diversified and granular loan portfolio.
- Nonperforming loans were
$65.1 million atDecember 31, 2023 , an increase from$41 .5 million atSeptember 30, 2023 . Nonperforming loans to total loans outstanding were 0.65% atDecember 31, 2023 , 0.41% atSeptember 30, 2023 , and 0.35% atDecember 31, 2022 . - Nonperforming assets to total assets increased to 0.50% at
December 31, 2023 , compared to 0.33% atSeptember 30, 2023 , and 0.26% atDecember 31, 2022 . - The ratio of allowance for credit losses to total loans was 1.48% at
December 31, 2023 , 1.49% atSeptember 30, 2023 , and 1.40% atDecember 31, 2022 . - Net charge-offs were
$4.7 million in the fourth quarter of 2023, a decrease of$8.0 million from$12.7 million in the third quarter of 2023. - Portfolio diversification, in terms of asset mix, industry, and loan type, has been a critical element of the Company's lending strategy. Exposure across industries and collateral types is broadly distributed. Seacoast's average loan size is
$326 thousand , and the average commercial loan size is$744 thousand , reflecting an ability to maintain granularity within the overall loan portfolio. - Construction and land development and commercial real estate loans remain well below regulatory guidance at 48% and 246% of total bank-level risk-based capital, respectively, compared to 51% and 248%, respectively, at
September 30, 2023 . On a consolidated basis, construction and land development and commercial real estate loans represent 45% and 228%, respectively, of total consolidated risk-based capital.
Capital and Liquidity
- The Company continues to operate with a fortress balance sheet with a Tier 1 capital ratio at
December 31, 2023 of 14.6% compared to 14.0% atSeptember 30, 2023 , and 14.8% atDecember 31, 2022 . The Total capital ratio was 15.9%, the Common Equity Tier 1 capital ratio was 13.9%, and the Tier 1 leverage ratio was 11.0% atDecember 31, 2023 . The Company is considered “well capitalized” based on applicableU.S. regulatory capital ratio requirements. - Cash and cash equivalents at
December 31, 2023 totaled$447.2 million . - Tangible common equity to tangible assets was 9.31% at
December 31, 2023 , compared to 8.68% atSeptember 30, 2023 , and 9.08% atDecember 31, 2022 . If all held-to-maturity securities were adjusted to fair value atDecember 31, 2023 , the tangible common equity ratio would have been 8.68%. - At
December 31, 2023 , in addition to$447.2 million in cash, the Company had$5.5 billion in available borrowing capacity, including$4.5 billion in available collateralized lines of credit,$0 .7 billion of unpledged debt securities available as collateral for potential additional borrowings, and available unsecured lines of credit of$0 .3 billion. These liquidity sources as ofDecember 31, 2023 represented 176% of uninsured and uncollateralized deposits. - Under its share repurchase program, the Company is authorized to purchase up to
$100 million of its shares of outstanding common stock. Under this program during the fourth quarter of 2023, the Company repurchased 546,200 shares at a weighted average price of$19.80 per share.
Recognition
- In
October 2023 , Seacoast was recognized among Fortune’s Best Workplaces for Women for 2023. Seacoast sets a leading example by fostering inclusivity, empowering women, and creating a workplace where every individual can reach their full potential. - Seacoast has been Certified™ by Great Place To Work® for 2023. As the global authority on workplace culture, Great Place To Work® brings 30 years of groundbreaking research and data to recognize workplaces that create the conditions for an overwhelmingly positive employee experience. Seacoast has also earned specific recognition from the
South Florida Business Journal , theOrlando Business Journal , American Banker, and the Guide toGreater Gainesville .
1Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and for a reconciliation to GAAP.
FINANCIAL HIGHLIGHTS | |||||||||||||||||||
(Amounts in thousands except per share data) | (Unaudited) | ||||||||||||||||||
Quarterly Trends | |||||||||||||||||||
4Q'23 | 3Q'23 | 2Q'23 | 1Q'23 | 4Q'22 | |||||||||||||||
Selected balance sheet data: | |||||||||||||||||||
Gross loans | $ | 10,062,940 | $ | 10,011,186 | $ | 10,117,919 | $ | 10,134,395 | $ | 8,144,724 | |||||||||
Total deposits | 11,776,935 | 12,107,834 | 12,283,267 | 12,309,701 | 9,981,595 | ||||||||||||||
Total assets | 14,580,249 | 14,823,007 | 15,041,932 | 15,255,408 | 12,145,762 | ||||||||||||||
Performance measures: | |||||||||||||||||||
Net income | $ | 29,543 | $ | 31,414 | $ | 31,249 | $ | 11,827 | $ | 23,927 | |||||||||
Net interest margin | 3.36 | % | 3.57 | % | 3.86 | % | 4.31 | % | 4.36 | % | |||||||||
Pre-tax pre-provision earnings1 | 42,006 | 43,383 | 40,864 | 46,321 | 45,999 | ||||||||||||||
Average diluted shares outstanding | 85,336 | 85,666 | 85,536 | 80,717 | 71,374 | ||||||||||||||
Diluted earnings per share (EPS) | $ | 0.35 | $ | 0.37 | $ | 0.37 | $ | 0.15 | $ | 0.34 | |||||||||
Return on (annualized): | |||||||||||||||||||
Average assets (ROA) | 0.80 | % | 0.84 | % | 0.84 | % | 0.34 | % | 0.78 | % | |||||||||
Average tangible assets (ROTA)2 | 0.99 | 1.04 | 1.06 | 0.52 | 0.94 | ||||||||||||||
Average tangible common equity (ROTCE)2 | 11.22 | 11.90 | 12.08 | 5.96 | 10.36 | ||||||||||||||
Tangible common equity to tangible assets2 | 9.31 | 8.68 | 8.53 | 8.36 | 9.08 | ||||||||||||||
Tangible book value per share2 | $ | 15.08 | $ | 14.26 | $ | 14.24 | $ | 14.25 | $ | 14.69 | |||||||||
Efficiency ratio | 60.32 | % | 62.60 | % | 67.34 | % | 65.43 | % | 63.39 | % | |||||||||
Adjusted operating measures1: | |||||||||||||||||||
Adjusted net income | $ | 36,505 | $ | 39,737 | $ | 49,203 | $ | 29,241 | $ | 39,926 | |||||||||
Adjusted pre-tax pre-provision earnings | 51,904 | 54,806 | 64,856 | 71,081 | 66,649 | ||||||||||||||
Adjusted diluted EPS | 0.43 | 0.46 | 0.58 | 0.36 | 0.56 | ||||||||||||||
Adjusted ROTA2 | 1.04 | % | 1.12 | % | 1.41 | % | 0.90 | % | 1.36 | % | |||||||||
Adjusted ROTCE2 | 11.80 | 12.79 | 16.08 | 10.34 | 15.05 | ||||||||||||||
Adjusted efficiency ratio | 60.32 | 60.19 | 56.44 | 53.10 | 51.52 | ||||||||||||||
Net adjusted noninterest expense as a percent of average tangible assets2 | 2.25 | 2.34 | 2.40 | 2.47 | 2.42 | ||||||||||||||
Other data: | |||||||||||||||||||
Market capitalization3 | $ | 2,415,158 | $ | 1,869,891 | $ | 1,880,407 | $ | 2,005,241 | $ | 2,233,761 | |||||||||
Full-time equivalent employees | 1,541 | 1,570 | 1,670 | 1,650 | 1,490 | ||||||||||||||
Number of ATMs | 96 | 97 | 96 | 97 | 100 | ||||||||||||||
Full-service banking offices | 77 | 77 | 78 | 83 | 78 | ||||||||||||||
1Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP. | |||||||||||||||||||
2The Company defines tangible assets as total assets less intangible assets, and tangible common equity as total shareholders' equity less intangible assets. | |||||||||||||||||||
3Common shares outstanding multiplied by closing bid price on last day of each period. | |||||||||||||||||||
OTHER INFORMATION
Conference Call Information
Seacoast will host a conference call
About
Chief Financial Officer
(772) 403-0461
Cautionary Notice Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning, and protections, of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including, without limitation, statements about future financial and operating results, cost savings, enhanced revenues, economic and seasonal conditions in the Company’s markets, and improvements to reported earnings that may be realized from cost controls, tax law changes, new initiatives and for integration of banks that the Company has acquired, or expects to acquire, as well as statements with respect to Seacoast's objectives, strategic plans, expectations and intentions and other statements that are not historical facts. Actual results may differ from those set forth in the forward-looking statements.
Forward-looking statements include statements with respect to the Company’s beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates and intentions about future performance and involve known and unknown risks, uncertainties and other factors, which may be beyond the Company’s control, and which may cause the actual results, performance or achievements of
All statements other than statements of historical fact could be forward-looking statements. You can identify these forward-looking statements through the use of words such as "may", "will", "anticipate", "assume", "should", "support", "indicate", "would", "believe", "contemplate", "expect", "estimate", "continue", "further", "plan", "point to", "project", "could", "intend", "target" or other similar words and expressions of the future. These forward-looking statements may not be realized due to a variety of factors, including, without limitation: the impact of current and future economic and market conditions generally (including seasonality) and in the financial services industry, nationally and within Seacoast’s primary market areas, including the effects of inflationary pressures, changes in interest rates, slowdowns in economic growth, and the potential for high unemployment rates, as well as the financial stress on borrowers and changes to customer and client behavior and credit risk as a result of the foregoing; potential impacts of adverse developments in the banking industry highlighted by high-profile bank failures, including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto; governmental monetary and fiscal policies, including interest rate policies of the
Including, without limitation, those risks and uncertainties described in the Company’s annual report on Form 10-K for the year ended
FINANCIAL HIGHLIGHTS | (Unaudited) | ||||||||||||||||||||||
SEACOAST BANKING CORPORATION OF | |||||||||||||||||||||||
Quarterly Trends | Twelve Months Ended | ||||||||||||||||||||||
(Amounts in thousands, except ratios and per share data) | 4Q'23 | 3Q'23 | 2Q'23 | 1Q'23 | 4Q'22 | 4Q'23 | 4Q'22 | ||||||||||||||||
Summary of Earnings | |||||||||||||||||||||||
Net income | $ | 29,543 | $ | 31,414 | $ | 31,249 | $ | 11,827 | $ | 23,927 | $ | 104,033 | $ | 106,507 | |||||||||
Adjusted net income1 | 36,505 | 39,737 | 49,203 | 29,241 | 39,926 | 154,686 | 136,146 | ||||||||||||||||
Net interest income2 | 111,035 | 119,505 | 127,153 | 131,351 | 119,858 | 489,043 | 366,660 | ||||||||||||||||
Net interest margin2,3 | 3.36 | % | 3.57 | % | 3.86 | % | 4.31 | % | 4.36 | % | 3.77 | % | 3.69 | % | |||||||||
Pre-tax pre-provision earnings1 | 42,006 | 43,383 | 40,864 | 46,321 | 45,999 | 172,573 | 164,817 | ||||||||||||||||
Adjusted pre-tax pre-provision earnings1 | 51,904 | 54,806 | 64,856 | 71,081 | 66,649 | 242,646 | 203,772 | ||||||||||||||||
Performance Ratios | |||||||||||||||||||||||
Return on average assets-GAAP basis3 | 0.80 | % | 0.84 | % | 0.84 | % | 0.34 | % | 0.78 | % | 0.71 | % | 0.96 | % | |||||||||
Return on average tangible assets-GAAP basis3,4 | 0.99 | 1.04 | 1.06 | 0.52 | 0.94 | 0.91 | 1.06 | ||||||||||||||||
Adjusted return on average tangible assets1,3,4 | 1.04 | 1.12 | 1.41 | 0.90 | 1.36 | 1.12 | 1.27 | ||||||||||||||||
Pre-tax pre-provision return on average tangible assets1,3,4 | 1.35 | 1.38 | 1.33 | 1.58 | 1.69 | 1.41 | 1.61 | ||||||||||||||||
Adjusted pre-tax pre-provision return on average tangible assets1,3,4 | 1.48 | 1.55 | 1.85 | 2.18 | 2.28 | 1.76 | 1.91 | ||||||||||||||||
Net adjusted noninterest expense to average tangible assets1,3,4 | 2.25 | 2.34 | 2.40 | 2.47 | 2.42 | 2.36 | 2.15 | ||||||||||||||||
Return on average shareholders' equity-GAAP basis3 | 5.69 | 6.01 | 6.05 | 2.53 | 6.03 | 5.14 | 7.51 | ||||||||||||||||
Return on average tangible common equity-GAAP basis3,4 | 11.22 | 11.90 | 12.08 | 5.96 | 10.36 | 10.38 | 10.70 | ||||||||||||||||
Adjusted return on average tangible common equity1,3,4 | 11.80 | 12.79 | 16.08 | 10.34 | 15.05 | 12.80 | 12.86 | ||||||||||||||||
Efficiency ratio5 | 60.32 | 62.60 | 67.34 | 65.43 | 63.39 | 64.07 | 60.01 | ||||||||||||||||
Adjusted efficiency ratio1 | 60.32 | 60.19 | 56.44 | 53.10 | 51.52 | 57.35 | 53.03 | ||||||||||||||||
Noninterest income to total revenue (excluding securities gains/losses) | 15.14 | 13.22 | 14.63 | 14.55 | 12.84 | 14.39 | 15.50 | ||||||||||||||||
Tangible common equity to tangible assets4 | 9.31 | 8.68 | 8.53 | 8.36 | 9.08 | 9.31 | 9.08 | ||||||||||||||||
Average loan-to-deposit ratio | 83.38 | 82.63 | 83.48 | 82.43 | 77.67 | 82.99 | 73.50 | ||||||||||||||||
End of period loan-to-deposit ratio | 85.48 | 82.71 | 82.42 | 82.35 | 81.63 | 85.48 | 81.63 | ||||||||||||||||
Per Share Data | |||||||||||||||||||||||
Net income diluted-GAAP basis | $ | 0.35 | $ | 0.37 | $ | 0.37 | $ | 0.15 | $ | 0.34 | $ | 1.23 | $ | 1.66 | |||||||||
Net income basic-GAAP basis | 0.35 | 0.37 | 0.37 | 0.15 | 0.34 | 1.24 | 1.67 | ||||||||||||||||
Adjusted earnings1 | 0.43 | 0.46 | 0.58 | 0.36 | 0.56 | 1.83 | 2.12 | ||||||||||||||||
Book value per share common | 24.84 | 24.06 | 24.14 | 24.24 | 22.45 | 24.84 | 22.45 | ||||||||||||||||
Tangible book value per share | 15.08 | 14.26 | 14.24 | 14.25 | 14.69 | 15.08 | 14.69 | ||||||||||||||||
Cash dividends declared | 0.18 | 0.18 | 0.18 | 0.17 | 0.17 | 0.71 | 0.64 | ||||||||||||||||
1Non-GAAP measure - see "Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP. | |||||||||||||||||||||||
2Calculated on a fully taxable equivalent basis using amortized cost. | |||||||||||||||||||||||
3These ratios are stated on an annualized basis and are not necessarily indicative of future periods. | |||||||||||||||||||||||
4The Company defines tangible assets as total assets less intangible assets, and tangible common equity as total shareholders' equity less intangible assets. | |||||||||||||||||||||||
5Defined as noninterest expense less amortization of intangibles and gains, losses, and expenses on foreclosed properties divided by net operating revenue (net interest income on a fully taxable equivalent basis plus noninterest income excluding securities gains and losses). |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | (Unaudited) | |||||||||||||||||||||||||
SEACOAST BANKING CORPORATION OF | ||||||||||||||||||||||||||
Quarterly Trends | Twelve Months Ended | |||||||||||||||||||||||||
(Amounts in thousands, except per share data) | 4Q'23 | 3Q'23 | 2Q'23 | 1Q'23 | 4Q'22 | 4Q'23 | 4Q'22 | |||||||||||||||||||
Interest on securities: | ||||||||||||||||||||||||||
Taxable | $ | 21,383 | $ | 21,401 | $ | 20,898 | $ | 19,244 | $ | 18,530 | $ | 82,926 | $ | 56,611 | ||||||||||||
Nontaxable | 55 | 97 | 97 | 105 | 130 | 354 | 546 | |||||||||||||||||||
Interest and fees on loans | 147,801 | 149,871 | 148,265 | 135,168 | 105,322 | 581,105 | 315,717 | |||||||||||||||||||
Interest on federal funds sold and other investments | 7,616 | 8,477 | 5,023 | 3,474 | 3,127 | 24,590 | 7,620 | |||||||||||||||||||
Total Interest Income | 176,855 | 179,846 | 174,283 | 157,991 | 127,109 | 688,975 | 380,494 | |||||||||||||||||||
Interest on deposits | 44,923 | 38,396 | 27,183 | 16,033 | 3,934 | 126,535 | 7,318 | |||||||||||||||||||
Interest on time certificates | 15,764 | 16,461 | 14,477 | 5,552 | 1,358 | 52,254 | 2,642 | |||||||||||||||||||
Interest on borrowed money | 5,349 | 5,683 | 5,660 | 5,254 | 2,108 | 21,946 | 4,372 | |||||||||||||||||||
Total Interest Expense | 66,036 | 60,540 | 47,320 | 26,839 | 7,400 | 200,735 | 14,332 | |||||||||||||||||||
Net Interest Income | 110,819 | 119,306 | 126,963 | 131,152 | 119,709 | 488,240 | 366,162 | |||||||||||||||||||
Provision for credit losses | 3,990 | 2,694 | (764 | ) | 31,598 | 14,129 | 37,518 | 26,183 | ||||||||||||||||||
Net Interest Income After Provision for Credit Losses | 106,829 | 116,612 | 127,727 | 99,554 | 105,580 | 450,722 | 339,979 | |||||||||||||||||||
Noninterest income: | ||||||||||||||||||||||||||
Service charges on deposit accounts | 4,828 | 4,648 | 4,560 | 4,242 | 3,996 | 18,278 | 13,709 | |||||||||||||||||||
Interchange income | 2,433 | 1,684 | 5,066 | 4,694 | 4,650 | 13,877 | 17,171 | |||||||||||||||||||
Wealth management income | 3,261 | 3,138 | 3,318 | 3,063 | 2,886 | 12,780 | 11,051 | |||||||||||||||||||
Mortgage banking fees | 378 | 410 | 576 | 426 | 426 | 1,790 | 3,478 | |||||||||||||||||||
Insurance agency income | 1,066 | 1,183 | 1,160 | 1,101 | 805 | 4,510 | 805 | |||||||||||||||||||
SBA gains | 921 | 613 | 249 | 322 | 105 | 2,105 | 842 | |||||||||||||||||||
BOLI income | 2,220 | 2,197 | 2,068 | 1,916 | 1,526 | 8,401 | 5,572 | |||||||||||||||||||
Other | 4,668 | 4,307 | 4,755 | 6,574 | 3,239 | 20,304 | 14,559 | |||||||||||||||||||
19,775 | 18,180 | 21,752 | 22,338 | 17,633 | 82,045 | 67,187 | ||||||||||||||||||||
Securities (losses) gains, net | (2,437 | ) | (387 | ) | (176 | ) | 107 | 18 | (2,893 | ) | (1,096 | ) | ||||||||||||||
Total Noninterest Income | 17,338 | 17,793 | 21,576 | 22,445 | 17,651 | 79,152 | 66,091 | |||||||||||||||||||
Noninterest expenses: | ||||||||||||||||||||||||||
Salaries and wages | 38,435 | 46,431 | 45,155 | 47,616 | 45,405 | 177,637 | 130,100 | |||||||||||||||||||
Employee benefits | 6,678 | 7,206 | 7,472 | 8,562 | 5,300 | 29,918 | 19,026 | |||||||||||||||||||
Outsourced data processing costs | 8,609 | 8,714 | 20,222 | 14,553 | 9,918 | 52,098 | 27,510 | |||||||||||||||||||
Telephone / data lines | 1,196 | 1,409 | 1,518 | 1,081 | 1,185 | 5,204 | 3,799 | |||||||||||||||||||
Occupancy | 6,316 | 6,349 | 7,065 | 6,938 | 5,457 | 26,668 | 18,539 | |||||||||||||||||||
Furniture and equipment | 2,028 | 2,052 | 2,345 | 2,267 | 1,944 | 8,692 | 6,420 | |||||||||||||||||||
Marketing | 2,995 | 1,876 | 2,047 | 2,238 | 1,772 | 9,156 | 6,286 | |||||||||||||||||||
Legal and professional fees | 3,294 | 2,679 | 4,062 | 7,479 | 9,174 | 17,514 | 20,703 | |||||||||||||||||||
2,813 | 2,258 | 2,116 | 1,443 | 889 | 8,630 | 3,137 | ||||||||||||||||||||
Amortization of intangibles | 6,888 | 7,457 | 7,654 | 6,727 | 4,763 | 28,726 | 9,101 | |||||||||||||||||||
Foreclosed property expense and net loss (gain) on sale | 573 | 274 | (57 | ) | 195 | (411 | ) | 985 | (1,534 | ) | ||||||||||||||||
Provision for credit losses on unfunded commitments | — | — | — | 1,239 | — | 1,239 | 1,157 | |||||||||||||||||||
Other | 6,542 | 7,210 | 8,266 | 7,137 | 6,114 | 29,155 | 23,690 | |||||||||||||||||||
Total Noninterest Expense | 86,367 | 93,915 | 107,865 | 107,475 | 91,510 | 395,622 | 267,934 | |||||||||||||||||||
Income Before Income Taxes | 37,800 | 40,490 | 41,438 | 14,524 | 31,721 | 134,252 | 138,136 | |||||||||||||||||||
Income taxes | 8,257 | 9,076 | 10,189 | 2,697 | 7,794 | 30,219 | 31,629 | |||||||||||||||||||
Net Income | $ | 29,543 | $ | 31,414 | $ | 31,249 | $ | 11,827 | $ | 23,927 | $ | 104,033 | $ | 106,507 | ||||||||||||
Per share of common stock: | ||||||||||||||||||||||||||
Net income diluted | $ | 0.35 | $ | 0.37 | $ | 0.37 | $ | 0.15 | $ | 0.34 | $ | 1.23 | $ | 1.66 | ||||||||||||
Net income basic | 0.35 | 0.37 | 0.37 | 0.15 | 0.34 | 1.24 | 1.67 | |||||||||||||||||||
Cash dividends declared | 0.18 | 0.18 | 0.18 | 0.17 | 0.17 | 0.71 | 0.64 | |||||||||||||||||||
Average diluted shares outstanding | 85,336 | 85,666 | 85,536 | 80,717 | 71,374 | 84,329 | 64,264 | |||||||||||||||||||
Average basic shares outstanding | 84,817 | 85,142 | 85,022 | 80,151 | 70,770 | 83,800 | 63,707 | |||||||||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | (Unaudited) | ||||||||||||||||||
SEACOAST BANKING CORPORATION OF | |||||||||||||||||||
(Amounts in thousands) | 2023 | 2023 | 2023 | 2023 | 2022 | ||||||||||||||
Assets | |||||||||||||||||||
Cash and due from banks | $ | 167,511 | $ | 182,036 | $ | 164,193 | $ | 180,607 | $ | 120,748 | |||||||||
Interest bearing deposits with other banks | 279,671 | 513,946 | 563,690 | 610,636 | 81,192 | ||||||||||||||
Total Cash and Cash Equivalents | 447,182 | 695,982 | 727,883 | 791,243 | 201,940 | ||||||||||||||
Time deposits with other banks | 5,857 | 4,357 | 2,987 | 3,236 | 3,236 | ||||||||||||||
Available for sale (at fair value) | 1,836,020 | 1,841,845 | 1,916,231 | 2,015,967 | 1,871,742 | ||||||||||||||
Held to maturity (at amortized cost) | 680,313 | 691,404 | 707,812 | 737,911 | 747,408 | ||||||||||||||
2,516,333 | 2,533,249 | 2,624,043 | 2,753,878 | 2,619,150 | |||||||||||||||
Loans held for sale | 4,391 | 2,979 | 5,967 | 2,838 | 3,151 | ||||||||||||||
Loans | 10,062,940 | 10,011,186 | 10,117,919 | 10,134,395 | 8,144,724 | ||||||||||||||
Less: Allowance for credit losses | (148,931 | ) | (149,661 | ) | (159,715 | ) | (155,640 | ) | (113,895 | ) | |||||||||
Net Loans | 9,914,009 | 9,861,525 | 9,958,204 | 9,978,755 | 8,030,829 | ||||||||||||||
Bank premises and equipment, net | 113,304 | 115,749 | 116,959 | 116,522 | 116,892 | ||||||||||||||
Other real estate owned | 7,560 | 7,216 | 7,526 | 7,756 | 2,301 | ||||||||||||||
732,417 | 731,970 | 732,910 | 728,396 | 480,319 | |||||||||||||||
Other intangible assets, net | 95,645 | 102,397 | 109,716 | 117,409 | 75,451 | ||||||||||||||
Bank owned life insurance | 298,974 | 296,763 | 293,880 | 292,545 | 237,824 | ||||||||||||||
Net deferred tax assets | 113,232 | 131,602 | 127,941 | 124,301 | 94,457 | ||||||||||||||
Other assets | 331,345 | 339,218 | 333,916 | 338,529 | 280,212 | ||||||||||||||
Total Assets | $ | 14,580,249 | $ | 14,823,007 | $ | 15,041,932 | $ | 15,255,408 | $ | 12,145,762 | |||||||||
Liabilities and Shareholders' Equity | |||||||||||||||||||
Liabilities | |||||||||||||||||||
Deposits | |||||||||||||||||||
Noninterest demand | $ | 3,544,981 | $ | 3,868,132 | $ | 4,139,052 | $ | 4,554,509 | $ | 4,070,973 | |||||||||
Interest-bearing demand | 2,790,210 | 2,800,152 | 2,816,656 | 2,676,320 | 2,337,590 | ||||||||||||||
Savings | 651,454 | 721,558 | 824,255 | 940,702 | 1,064,392 | ||||||||||||||
Money market | 3,314,288 | 3,143,897 | 2,859,164 | 2,893,128 | 1,985,974 | ||||||||||||||
Other time certificates | 889,806 | 821,406 | 628,036 | 598,483 | 369,389 | ||||||||||||||
Brokered time certificates | 122,347 | 307,963 | 591,503 | 371,392 | 3,798 | ||||||||||||||
Time certificates of more than | 463,849 | 444,726 | 424,601 | 275,167 | 149,479 | ||||||||||||||
Total Deposits | 11,776,935 | 12,107,834 | 12,283,267 | 12,309,701 | 9,981,595 | ||||||||||||||
Securities sold under agreements to repurchase | 374,573 | 276,450 | 290,156 | 267,606 | 172,029 | ||||||||||||||
50,000 | 110,000 | 160,000 | 385,000 | 150,000 | |||||||||||||||
Subordinated debt, net | 106,302 | 106,136 | 105,970 | 105,804 | 84,533 | ||||||||||||||
Other liabilities | 164,353 | 174,193 | 148,507 | 136,213 | 149,830 | ||||||||||||||
Total Liabilities | 12,472,163 | 12,774,613 | 12,987,900 | 13,204,324 | 10,537,987 | ||||||||||||||
Shareholders' Equity | |||||||||||||||||||
Common stock | 8,486 | 8,515 | 8,509 | 8,461 | 7,162 | ||||||||||||||
Additional paid in capital | 1,808,883 | 1,813,068 | 1,809,431 | 1,803,898 | 1,377,802 | ||||||||||||||
Retained earnings | 467,305 | 453,117 | 437,087 | 421,271 | 423,863 | ||||||||||||||
(16,710 | ) | (14,035 | ) | (14,171 | ) | (13,113 | ) | (13,019 | ) | ||||||||||
2,267,964 | 2,260,665 | 2,240,856 | 2,220,517 | 1,795,808 | |||||||||||||||
Accumulated other comprehensive (loss) income, net | (159,878 | ) | (212,271 | ) | (186,824 | ) | (169,433 | ) | (188,033 | ) | |||||||||
Total Shareholders' Equity | 2,108,086 | 2,048,394 | 2,054,032 | 2,051,084 | 1,607,775 | ||||||||||||||
Total Liabilities & Shareholders' Equity | $ | 14,580,249 | $ | 14,823,007 | $ | 15,041,932 | $ | 15,255,408 | $ | 12,145,762 | |||||||||
Common shares outstanding | 84,861 | 85,150 | 85,086 | 84,609 | 71,618 |
CONSOLIDATED QUARTERLY FINANCIAL DATA | (Unaudited) | |||||||||||||||||||
SEACOAST BANKING CORPORATION OF | ||||||||||||||||||||
(Amounts in thousands) | 4Q'23 | 3Q'23 | 2Q'23 | 1Q'23 | 4Q'22 | |||||||||||||||
Credit Analysis | ||||||||||||||||||||
Net charge-offs (recoveries) | $ | 4,720 | $ | 12,748 | $ | 705 | $ | 3,188 | $ | 782 | ||||||||||
Net charge-offs (recoveries) to average loans | 0.19 | % | 0.50 | % | 0.03 | % | 0.14 | % | 0.04 | % | ||||||||||
Allowance for credit losses | $ | 148,931 | $ | 149,661 | $ | 159,715 | $ | 155,640 | $ | 113,895 | ||||||||||
Non-acquired loans at end of period | $ | 6,571,454 | $ | 6,343,121 | $ | 6,264,044 | $ | 6,048,453 | $ | 5,944,194 | ||||||||||
Acquired loans at end of period | 3,491,486 | 3,668,065 | 3,853,875 | 4,085,942 | 2,200,530 | |||||||||||||||
Total Loans | $ | 10,062,940 | $ | 10,011,186 | $ | 10,117,919 | $ | 10,134,395 | $ | 8,144,724 | ||||||||||
Total allowance for credit losses to total loans at end of period | 1.48 | % | 1.49 | % | 1.58 | % | 1.54 | % | 1.40 | % | ||||||||||
Purchase discount on acquired loans at end of period | 4.75 | 4.86 | 4.98 | 5.02 | 4.25 | |||||||||||||||
End of Period | ||||||||||||||||||||
Nonperforming loans | $ | 65,104 | $ | 41,508 | $ | 48,326 | $ | 50,787 | $ | 28,843 | ||||||||||
Other real estate owned | 221 | 221 | 530 | 530 | 530 | |||||||||||||||
Properties previously used in bank operations included in other real estate owned | 7,339 | 6,995 | 6,996 | 7,226 | 1,771 | |||||||||||||||
Total Nonperforming Assets | $ | 72,664 | $ | 48,724 | $ | 55,852 | $ | 58,543 | $ | 31,144 | ||||||||||
Nonperforming Loans to Loans at End of Period | 0.65 | % | 0.41 | % | 0.48 | % | 0.50 | % | 0.35 | % | ||||||||||
Nonperforming Assets to Total Assets at End of Period | 0.50 | 0.33 | 0.37 | 0.38 | 0.26 | |||||||||||||||
Loans | 2023 | 2023 | 2023 | 2023 | 2022 | |||||||||||||||
Construction and land development | $ | 767,622 | $ | 793,736 | $ | 794,371 | $ | 757,835 | $ | 587,332 | ||||||||||
Commercial real estate - owner occupied | 1,670,281 | 1,675,881 | 1,669,369 | 1,652,491 | 1,478,302 | |||||||||||||||
Commercial real estate - non-owner occupied | 3,319,890 | 3,285,974 | 3,370,211 | 3,412,051 | 2,589,774 | |||||||||||||||
Residential real estate | 2,445,692 | 2,418,903 | 2,396,352 | 2,354,394 | 1,849,503 | |||||||||||||||
Commercial and financial | 1,607,888 | 1,588,152 | 1,615,534 | 1,655,884 | 1,353,226 | |||||||||||||||
Consumer | 251,567 | 248,540 | 272,082 | 301,740 | 286,587 | |||||||||||||||
Total Loans | $ | 10,062,940 | $ | 10,011,186 | $ | 10,117,919 | $ | 10,134,395 | $ | 8,144,724 | ||||||||||
AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND RATES 1 | (Unaudited) | ||||||||||||||||||||||||||||
SEACOAST BANKING CORPORATION OF | |||||||||||||||||||||||||||||
4Q'23 | 3Q'23 | 4Q'22 | |||||||||||||||||||||||||||
Average | Yield/ | Average | Yield/ | Average | Yield/ | ||||||||||||||||||||||||
(Amounts in thousands) | Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Earning assets: | |||||||||||||||||||||||||||||
Securities: | |||||||||||||||||||||||||||||
Taxable | $ | 2,499,047 | $ | 21,383 | 3.42 | % | $ | 2,575,002 | $ | 21,401 | 3.32 | % | $ | 2,680,813 | $ | 18,530 | 2.76 | % | |||||||||||
Nontaxable | 7,835 | 68 | 3.48 | 15,280 | 119 | 3.11 | 20,246 | 164 | 3.24 | ||||||||||||||||||||
2,506,882 | 21,451 | 3.42 | 2,590,282 | 21,520 | 3.32 | 2,701,059 | 18,694 | 2.77 | |||||||||||||||||||||
Federal funds sold | 465,506 | 6,426 | 5.48 | 547,576 | 7,415 | 5.37 | 155,815 | 1,410 | 3.59 | ||||||||||||||||||||
Interest bearing deposits with other banks and other investments | 91,230 | 1,190 | 5.18 | 90,039 | 1,062 | 4.68 | 141,179 | 1,717 | 4.83 | ||||||||||||||||||||
Total Loans, net | 10,033,245 | 148,004 | 5.85 | 10,043,611 | 150,048 | 5.93 | 7,910,729 | 105,437 | 5.29 | ||||||||||||||||||||
Total Earning Assets | 13,096,863 | 177,071 | 5.36 | 13,271,508 | 180,045 | 5.38 | 10,908,782 | 127,258 | 4.63 | ||||||||||||||||||||
Allowance for credit losses | (149,110 | ) | (158,440 | ) | (109,509 | ) | |||||||||||||||||||||||
Cash and due from banks | 179,908 | 168,931 | 137,839 | ||||||||||||||||||||||||||
Premises and equipment | 115,556 | 116,704 | 115,095 | ||||||||||||||||||||||||||
Intangible assets | 832,029 | 839,787 | 521,412 | ||||||||||||||||||||||||||
Bank owned life insurance | 297,525 | 295,272 | 237,062 | ||||||||||||||||||||||||||
Other assets including deferred tax assets | 365,263 | 372,241 | 329,175 | ||||||||||||||||||||||||||
Total Assets | $ | 14,738,034 | $ | 14,906,003 | $ | 12,139,856 | |||||||||||||||||||||||
Liabilities and Shareholders' Equity | |||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||
Interest-bearing demand | $ | 2,819,743 | $ | 15,658 | 2.20 | % | $ | 2,804,243 | $ | 15,013 | 2.12 | % | $ | 2,303,324 | $ | 1,859 | 0.32 | % | |||||||||||
Savings | 679,720 | 505 | 0.29 | 770,503 | 465 | 0.24 | 1,126,540 | 203 | 0.07 | ||||||||||||||||||||
Money market | 3,268,829 | 28,760 | 3.49 | 2,972,495 | 22,918 | 3.06 | 1,980,870 | 1,872 | 0.37 | ||||||||||||||||||||
Time deposits | 1,524,460 | 15,764 | 4.1 | 1,619,572 | 16,461 | 4.03 | 500,441 | 1,358 | 1.08 | ||||||||||||||||||||
Securities sold under agreements to repurchase | 335,559 | 2,991 | 3.54 | 327,711 | 2,876 | 3.48 | 134,709 | 544 | 1.60 | ||||||||||||||||||||
59,022 | 442 | 2.97 | 111,087 | 888 | 3.17 | 40,712 | 330 | 3.22 | |||||||||||||||||||||
Subordinated debt | 106,205 | 1,916 | 7.16 | 106,036 | 1,919 | 7.18 | 83,534 | 1,234 | 5.86 | ||||||||||||||||||||
Total Interest-Bearing Liabilities | 8,793,538 | 66,036 | 2.98 | 8,711,647 | 60,540 | 2.76 | 6,170,130 | 7,400 | 0.48 | ||||||||||||||||||||
Noninterest demand | 3,739,993 | 3,987,761 | 4,273,922 | ||||||||||||||||||||||||||
Other liabilities | 145,591 | 133,846 | 122,100 | ||||||||||||||||||||||||||
Total Liabilities | 12,679,122 | 12,833,254 | 10,566,152 | ||||||||||||||||||||||||||
Shareholders' equity | 2,058,912 | 2,072,747 | 1,573,704 | ||||||||||||||||||||||||||
Total Liabilities & Equity | $ | 14,738,034 | $ | 14,906,003 | $ | 12,139,856 | |||||||||||||||||||||||
Cost of deposits | 2.00 | % | 1.79 | % | 0.21 | % | |||||||||||||||||||||||
Interest expense as a % of earning assets | 2.00 | % | 1.81 | % | 0.27 | % | |||||||||||||||||||||||
Net interest income as a % of earning assets | $ | 111,035 | 3.36 | % | $ | 119,505 | 3.57 | % | $ | 119,858 | 4.36 | % | |||||||||||||||||
1On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost. | |||||||||||||||||||||||||||||
Fees on loans have been included in interest on loans. Nonaccrual loans are included in loan balances. |
AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND RATES 1 | (Unaudited) | ||||||||||||||||||
SEACOAST BANKING CORPORATION OF | |||||||||||||||||||
Twelve Months Ended | Twelve Months Ended | ||||||||||||||||||
Average | Yield/ | Average | Yield/ | ||||||||||||||||
(Amounts in thousands) | Balance | Interest | Rate | Balance | Interest | Rate | |||||||||||||
Assets | |||||||||||||||||||
Earning assets: | |||||||||||||||||||
Securities: | |||||||||||||||||||
Taxable | $ | 2,611,299 | $ | 82,926 | 3.18 | % | $ | 2,568,568 | $ | 56,611 | 2.20 | % | |||||||
Nontaxable | 13,733 | 438 | 3.19 | 22,188 | 690 | 3.11 | |||||||||||||
2,625,032 | 83,364 | 3.18 | 2,590,756 | 57,301 | 2.21 | ||||||||||||||
Federal funds sold | 368,659 | 18,871 | 5.12 | 433,359 | 4,103 | 0.95 | |||||||||||||
Interest bearing deposits with other banks and other investments | 90,692 | 5,718 | 6.30 | 69,604 | 3,517 | 5.05 | |||||||||||||
Total Loans, net | 9,889,070 | 581,825 | 5.88 | 6,838,266 | 316,073 | 4.62 | |||||||||||||
Total Earning Assets | 12,973,453 | 689,778 | 5.32 | 9,931,985 | 380,994 | 3.84 | |||||||||||||
Allowance for credit losses | (150,982 | ) | (94,693 | ) | |||||||||||||||
Cash and due from banks | 184,035 | 305,775 | |||||||||||||||||
Premises and equipment | 116,516 | 85,568 | |||||||||||||||||
Intangible assets | 816,662 | 360,217 | |||||||||||||||||
Bank owned life insurance | 290,218 | 214,468 | |||||||||||||||||
Other assets including deferred tax assets | 392,872 | 248,108 | |||||||||||||||||
Total Assets | $ | 14,622,774 | $ | 11,051,428 | |||||||||||||||
Liabilities and Shareholders' Equity | |||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||
Interest-bearing demand | $ | 2,686,936 | $ | 41,438 | 1.54 | % | $ | 2,220,307 | $ | 3,099 | 0.14 | % | |||||||
Savings | 851,347 | 1,796 | 0.21 | 989,997 | 397 | 0.04 | |||||||||||||
Money market | 2,941,916 | 83,300 | 2.83 | 1,925,176 | 3,824 | 0.2 | |||||||||||||
Time deposits | 1,348,152 | 52,254 | 3.88 | 500,471 | 2,642 | 0.53 | |||||||||||||
Securities sold under agreements to repurchase | 270,999 | 8,324 | 3.07 | 121,318 | 986 | 0.81 | |||||||||||||
175,247 | 6,378 | 3.64 | 10,264 | 330 | 3.22 | ||||||||||||||
Subordinated debt | 104,158 | 7,245 | 6.96 | 74,713 | 3,056 | 4.09 | |||||||||||||
Total Interest-Bearing Liabilities | 8,378,755 | 200,735 | 2.40 | 5,842,246 | 14,334 | 0.25 | |||||||||||||
Noninterest demand | 4,087,335 | 3,667,345 | |||||||||||||||||
Other liabilities | 131,302 | 122,982 | |||||||||||||||||
Total Liabilities | 12,597,392 | 9,632,573 | |||||||||||||||||
Shareholders' equity | 2,025,382 | 1,418,855 | |||||||||||||||||
Total Liabilities & Equity | $ | 14,622,774 | $ | 11,051,428 | |||||||||||||||
Cost of deposits | 1.50 | % | 0.11 | % | |||||||||||||||
Interest expense as a % of earning assets | 1.55 | % | 0.14 | % | |||||||||||||||
Net interest income as a % of earning assets | $ | 489,043 | 3.77 | % | $ | 366,660 | 3.69 | % | |||||||||||
1On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost. | |||||||||||||||||||
Fees on loans have been included in interest on loans. Nonaccrual loans are included in loan balances. |
CONSOLIDATED QUARTERLY FINANCIAL DATA | (Unaudited) | |||||||||||||
SEACOAST BANKING CORPORATION OF | ||||||||||||||
(Amounts in thousands) | 2023 | 2023 | 2023 | 2023 | 2022 | |||||||||
Customer Relationship Funding | ||||||||||||||
Noninterest demand | ||||||||||||||
Commercial | $ | 2,752,644 | $ | 3,089,488 | $ | 3,304,761 | $ | 3,622,441 | $ | 3,148,778 | ||||
Retail | 561,569 | 570,727 | 615,536 | 673,686 | 764,274 | |||||||||
Public funds | 173,893 | 134,649 | 152,159 | 194,977 | 112,553 | |||||||||
Other | 56,875 | 73,268 | 66,596 | 63,405 | 45,368 | |||||||||
Total Noninterest Demand | 3,544,981 | 3,868,132 | 4,139,052 | 4,554,509 | 4,070,973 | |||||||||
Interest-bearing demand | ||||||||||||||
Commercial | 1,576,491 | 1,618,755 | 1,555,486 | 1,233,845 | 886,894 | |||||||||
Retail | 956,900 | 994,224 | 1,058,993 | 1,209,664 | 1,191,192 | |||||||||
Brokered | — | — | — | 44,474 | 54,777 | |||||||||
Public funds | 256,819 | 187,173 | 202,177 | 188,337 | 204,727 | |||||||||
Total Interest-Bearing Demand | 2,790,210 | 2,800,152 | 2,816,656 | 2,676,320 | 2,337,590 | |||||||||
Total transaction accounts | ||||||||||||||
Commercial | 4,329,135 | 4,708,243 | 4,860,247 | 4,856,286 | 4,035,672 | |||||||||
Retail | 1,518,469 | 1,564,951 | 1,674,529 | 1,883,350 | 1,955,466 | |||||||||
Brokered | — | — | — | 44,474 | 54,777 | |||||||||
Public funds | 430,712 | 321,822 | 354,336 | 383,314 | 317,280 | |||||||||
Other | 56,875 | 73,268 | 66,596 | 63,405 | 45,368 | |||||||||
Total Transaction Accounts | 6,335,191 | 6,668,284 | 6,955,708 | 7,230,829 | 6,408,563 | |||||||||
Savings | ||||||||||||||
Commercial | 58,562 | 79,731 | 101,908 | 108,023 | 91,943 | |||||||||
Retail | 592,892 | 641,827 | 722,347 | 832,679 | 972,449 | |||||||||
Total Savings | 651,454 | 721,558 | 824,255 | 940,702 | 1,064,392 | |||||||||
Money market | ||||||||||||||
Commercial | 1,655,820 | 1,625,455 | 1,426,348 | 1,542,220 | 932,518 | |||||||||
Retail | 1,469,142 | 1,362,390 | 1,275,721 | 1,279,712 | 984,561 | |||||||||
Public funds | 189,326 | 156,052 | 157,095 | 71,196 | 68,895 | |||||||||
Total Money Market | 3,314,288 | 3,143,897 | 2,859,164 | 2,893,128 | 1,985,974 | |||||||||
Brokered time certificates | 122,347 | 307,963 | 591,503 | 371,392 | 3,798 | |||||||||
Other time certificates | 1,353,655 | 1,266,132 | 1,052,637 | 873,650 | 518,868 | |||||||||
1,476,002 | 1,574,095 | 1,644,140 | 1,245,042 | 522,666 | ||||||||||
Total Deposits | $ | 11,776,935 | $ | 12,107,834 | $ | 12,283,267 | $ | 12,309,701 | $ | 9,981,595 | ||||
Customer sweep accounts | 374,573 | 276,450 | 290,156 | 267,606 | 172,029 | |||||||||
Total customer funding (1) | $ | 12,029,161 | $ | 12,076,321 | $ | 11,981,920 | $ | 12,205,915 | $ | 10,149,826 | ||||
(1)Total deposits and customer sweep accounts, excluding brokered deposits. |
Explanation of Certain Unaudited Non-GAAP Financial Measures |
This presentation contains financial information determined by methods other than Generally Accepted Accounting Principles (“GAAP”). Management uses these non-GAAP financial measures in its analysis of the Company’s performance and believes these presentations provide useful supplemental information, and a clearer understanding of the Company’s performance. The Company believes the non-GAAP measures enhance investors’ understanding of the Company’s business and performance and if not provided would be requested by the investor community. These measures are also useful in understanding performance trends and facilitate comparisons with the performance of other financial institutions. The limitations associated with operating measures are the risk that persons might disagree as to the appropriateness of items comprising these measures and that different companies might define or calculate these measures differently. The Company provides reconciliations between GAAP and these non-GAAP measures. These disclosures should not be considered an alternative to GAAP. |
GAAP TO NON-GAAP RECONCILIATION | (Unaudited) | |||||||||||||||||||||
SEACOAST BANKING CORPORATION OF | ||||||||||||||||||||||
Quarterly Trends | Twelve Months Ended | |||||||||||||||||||||
(Amounts in thousands, except per share data) | 4Q'23 | 3Q'23 | 2Q'23 | 1Q'23 | 4Q'22 | 4Q'23 | 4Q'22 | |||||||||||||||
Net Income | $ | 29,543 | $ | 31,414 | $ | 31,249 | $ | 11,827 | $ | 23,927 | $ | 104,033 | $ | 106,507 | ||||||||
Total noninterest income | 17,338 | 17,793 | 21,576 | 22,445 | 17,651 | 79,152 | 66,091 | |||||||||||||||
Securities losses (gains), net | 2,437 | 387 | 176 | (107 | ) | (18 | ) | 2,893 | 1,096 | |||||||||||||
BOLI benefits on death (included in other income) | — | — | — | (2,117 | ) | — | (2,117 | ) | — | |||||||||||||
Total Adjustments to Noninterest Income | 2,437 | 387 | 176 | (2,224 | ) | (18 | ) | 776 | 1,096 | |||||||||||||
Total Adjusted Noninterest Income | 19,775 | 18,180 | 21,752 | 20,221 | 17,633 | 79,928 | 67,187 | |||||||||||||||
Total noninterest expense | 86,367 | 93,915 | 107,865 | 107,475 | 91,510 | 395,622 | 267,934 | |||||||||||||||
Total merger related charges | — | — | (15,648 | ) | (17,532 | ) | (16,140 | ) | (33,180 | ) | (27,925 | ) | ||||||||||
Amortization of intangibles | (6,888 | ) | (7,457 | ) | (7,654 | ) | (6,727 | ) | (4,763 | ) | (28,726 | ) | (9,101 | ) | ||||||||
Branch reductions and other expense initiatives | — | (3,305 | ) | (571 | ) | (1,291 | ) | (176 | ) | (5,167 | ) | (1,210 | ) | |||||||||
Total Adjustments to Noninterest Expense | (6,888 | ) | (10,762 | ) | (23,873 | ) | (25,550 | ) | (21,079 | ) | (67,073 | ) | (38,236 | ) | ||||||||
Total Adjusted Noninterest Expense | 79,479 | 83,153 | 83,992 | 81,925 | 70,431 | 328,549 | 229,698 | |||||||||||||||
Income Taxes | 8,257 | 9,076 | 10,189 | 2,697 | 7,794 | 30,219 | 31,629 | |||||||||||||||
Tax effect of adjustments | 2,363 | 2,826 | 6,095 | 5,912 | 5,062 | 17,196 | 9,693 | |||||||||||||||
Adjusted Income Taxes | 10,620 | 11,902 | 16,284 | 8,609 | 12,856 | 47,415 | 41,322 | |||||||||||||||
Adjusted Net Income | $ | 36,505 | $ | 39,737 | $ | 49,203 | $ | 29,241 | $ | 39,926 | $ | 154,686 | $ | 136,146 | ||||||||
Earnings per diluted share, as reported | $ | 0.35 | $ | 0.37 | $ | 0.37 | $ | 0.15 | $ | 0.34 | $ | 1.23 | $ | 1.66 | ||||||||
Adjusted Earnings per Diluted Share | 0.43 | 0.46 | 0.58 | 0.36 | 0.56 | 1.83 | 2.12 | |||||||||||||||
Average diluted shares outstanding | 85,336 | 85,666 | 85,536 | 80,717 | 71,374 | 84,329 | 64,264 | |||||||||||||||
Adjusted Noninterest Expense | $ | 79,479 | $ | 83,153 | $ | 83,992 | $ | 81,925 | $ | 70,431 | $ | 328,549 | $ | 229,698 | ||||||||
Provision for credit losses on unfunded commitments | — | — | — | (1,239 | ) | — | (1,239 | ) | (1,157 | ) | ||||||||||||
Foreclosed property expense and net loss (gain) on sale | (573 | ) | (274 | ) | 57 | (195 | ) | 411 | (985 | ) | 1,534 | |||||||||||
Net Adjusted Noninterest Expense | $ | 78,906 | $ | 82,879 | $ | 84,049 | $ | 80,491 | $ | 70,842 | $ | 326,325 | $ | 230,075 | ||||||||
Revenue | $ | 128,157 | $ | 137,099 | $ | 148,539 | $ | 153,597 | $ | 137,360 | $ | 567,392 | $ | 432,253 | ||||||||
Total Adjustments to Revenue | 2,437 | 387 | 176 | (2,224 | ) | (18 | ) | 776 | 1,096 | |||||||||||||
Impact of FTE adjustment | 216 | 199 | 190 | 199 | 149 | 803 | 498 | |||||||||||||||
Adjusted Revenue on a fully taxable equivalent basis | $ | 130,810 | $ | 137,685 | $ | 148,905 | $ | 151,572 | $ | 137,491 | $ | 568,971 | $ | 433,847 | ||||||||
Adjusted Efficiency Ratio | 60.32 | % | 60.19 | % | 56.44 | % | 53.10 | % | 51.52 | % | 57.35 | % | 53.03 | % | ||||||||
Net Interest Income | $ | 110,819 | $ | 119,306 | $ | 126,963 | $ | 131,152 | $ | 119,709 | $ | 488,240 | $ | 366,162 | ||||||||
Impact of FTE adjustment | 216 | 199 | 190 | 199 | 149 | 803 | 498 | |||||||||||||||
Net Interest Income including FTE adjustment | $ | 111,035 | $ | 119,505 | $ | 127,153 | $ | 131,351 | $ | 119,858 | $ | 489,043 | $ | 366,660 | ||||||||
Total noninterest income | 17,338 | 17,793 | 21,576 | 22,445 | 17,651 | 79,152 | 66,091 | |||||||||||||||
Total noninterest expense | 86,367 | 93,915 | 107,865 | 107,475 | 91,510 | 395,622 | 267,934 | |||||||||||||||
Pre-Tax Pre-Provision Earnings | $ | 42,006 | $ | 43,383 | $ | 40,864 | $ | 46,321 | $ | 45,999 | $ | 172,573 | $ | 164,817 | ||||||||
Total Adjustments to Noninterest Income | 2,437 | 387 | 176 | (2,224 | ) | (18 | ) | 776 | 1,096 | |||||||||||||
Total Adjustments to Noninterest Expense | (7,461 | ) | (11,036 | ) | (23,816 | ) | (26,984 | ) | (20,668 | ) | (69,297 | ) | (37,859 | ) | ||||||||
Adjusted Pre-Tax Pre-Provision Earnings | $ | 51,904 | $ | 54,806 | $ | 64,856 | $ | 71,081 | $ | 66,649 | $ | 242,646 | $ | 203,772 | ||||||||
Average Assets | $ | 14,738,034 | $ | 14,906,003 | $ | 14,887,289 | $ | 13,947,976 | $ | 12,139,856 | $ | 14,622,774 | $ | 11,051,428 | ||||||||
Less average goodwill and intangible assets | (832,029 | ) | (839,787 | ) | (842,988 | ) | (750,694 | ) | (521,412 | ) | (816,662 | ) | (360,217 | ) | ||||||||
Average Tangible Assets | $ | 13,906,005 | $ | 14,066,216 | $ | 14,044,301 | $ | 13,197,282 | $ | 11,618,444 | $ | 13,806,112 | $ | 10,691,211 | ||||||||
GAAP TO NON-GAAP RECONCILIATION | (Unaudited) | |||||||||||||||||||||
SEACOAST BANKING CORPORATION OF | ||||||||||||||||||||||
Quarterly Trends | Twelve Months Ended | |||||||||||||||||||||
(Amounts in thousands, except per share data) | 4Q'23 | 3Q'23 | 2Q'23 | 1Q'23 | 4Q'22 | 4Q'23 | 4Q'22 | |||||||||||||||
Return on Average Assets (ROA) | 0.80 | % | 0.84 | % | 0.84 | % | 0.34 | % | 0.78 | % | 0.71 | % | 0.96 | % | ||||||||
Impact of removing average intangible assets and related amortization | 0.19 | 0.20 | 0.22 | 0.18 | 0.16 | 0.20 | 0.10 | |||||||||||||||
Return on Average Tangible Assets (ROTA) | 0.99 | 1.04 | 1.06 | 0.52 | 0.94 | 0.91 | 1.06 | |||||||||||||||
Impact of other adjustments for Adjusted Net Income | 0.05 | 0.08 | 0.35 | 0.38 | 0.42 | 0.21 | 0.21 | |||||||||||||||
Adjusted Return on Average Tangible Assets | 1.04 | 1.12 | 1.41 | 0.90 | 1.36 | 1.12 | 1.27 | |||||||||||||||
Pre-Tax Pre-Provision return on Average Tangible Assets | 1.35 | % | 1.38 | % | 1.33 | % | 1.58 | % | 1.69 | % | 1.41 | % | 1.61 | % | ||||||||
Impact of adjustments on Pre-Tax Pre-Provision earnings | 0.13 | 0.17 | 0.52 | 0.60 | 0.59 | 0.35 | 0.30 | |||||||||||||||
Adjusted Pre-Tax Pre-Provision Return on Tangible Assets | 1.48 | 1.55 | 1.85 | 2.18 | 2.28 | 1.76 | 1.91 | |||||||||||||||
Average Shareholders' Equity | $ | 2,058,912 | $ | 2,072,747 | $ | 2,070,529 | $ | 1,897,045 | $ | 1,573,704 | $ | 2,025,382 | $ | 1,418,855 | ||||||||
Less average goodwill and intangible assets | (832,029 | ) | (839,787 | ) | (842,988 | ) | (750,694 | ) | (521,412 | ) | (816,662 | ) | (360,217 | ) | ||||||||
Average Tangible Equity | $ | 1,226,883 | $ | 1,232,960 | $ | 1,227,541 | $ | 1,146,351 | $ | 1,052,292 | $ | 1,208,720 | $ | 1,058,638 | ||||||||
Return on Average Shareholders' Equity | 5.69 | % | 6.01 | % | 6.05 | % | 2.53 | % | 6.03 | % | 5.14 | % | 7.51 | % | ||||||||
Impact of removing average intangible assets and related amortization | 5.53 | 5.89 | 6.03 | 3.43 | 4.33 | 5.24 | 3.19 | |||||||||||||||
Return on Average Tangible Common Equity (ROTCE) | 11.22 | 11.90 | 12.08 | 5.96 | 10.36 | 10.38 | 10.70 | |||||||||||||||
Impact of other adjustments for Adjusted Net Income | 0.58 | 0.89 | 4.00 | 4.38 | 4.69 | 2.42 | 2.16 | |||||||||||||||
Adjusted Return on Average Tangible Common Equity | 11.80 | 12.79 | 16.08 | 10.34 | 15.05 | 12.80 | 12.86 | |||||||||||||||
Loan interest income1 | $ | 148,004 | $ | 150,048 | $ | 148,432 | $ | 135,341 | $ | 105,437 | $ | 581,825 | $ | 316,073 | ||||||||
Accretion on acquired loans | (11,324 | ) | (14,843 | ) | (14,580 | ) | (15,942 | ) | (9,710 | ) | (56,689 | ) | (18,389 | ) | ||||||||
Loan interest income excluding accretion on acquired loans | $ | 136,680 | $ | 135,205 | $ | 133,852 | $ | 119,399 | $ | 95,727 | $ | 525,136 | $ | 297,684 | ||||||||
Yield on loans1 | 5.85 | 5.93 | 5.89 | 5.86 | 5.29 | 5.88 | 4.62 | |||||||||||||||
Impact of accretion on acquired loans | (0.45 | ) | (0.59 | ) | (0.58 | ) | (0.69 | ) | (0.49 | ) | (0.57 | ) | (0.27 | ) | ||||||||
Yield on loans excluding accretion on acquired loans | 5.40 | % | 5.34 | % | 5.31 | % | 5.17 | % | 4.80 | % | 5.31 | % | 4.35 | % | ||||||||
Net Interest Income1 | $ | 111,035 | $ | 119,505 | $ | 127,153 | $ | 131,351 | $ | 119,858 | $ | 489,043 | $ | 366,660 | ||||||||
Accretion on acquired loans | (11,324 | ) | (14,843 | ) | (14,580 | ) | (15,942 | ) | (9,710 | ) | (56,689 | ) | (18,389 | ) | ||||||||
Net interest income excluding accretion on acquired loans | $ | 99,711 | $ | 104,662 | $ | 112,573 | $ | 115,409 | $ | 110,148 | $ | 432,354 | $ | 348,271 | ||||||||
Net Interest Margin | 3.36 | 3.57 | 3.86 | 4.31 | 4.36 | 3.77 | 3.69 | |||||||||||||||
Impact of accretion on acquired loans | (0.34 | ) | (0.44 | ) | (0.44 | ) | (0.53 | ) | (0.35 | ) | (0.44 | ) | (0.18 | ) | ||||||||
Net interest margin excluding accretion on acquired loans | 3.02 | % | 3.13 | % | 3.42 | % | 3.78 | % | 4.01 | % | 3.33 | % | 3.51 | % | ||||||||
Security interest income1 | $ | 21,451 | $ | 21,520 | $ | 21,018 | $ | 19,375 | $ | 18,694 | $ | 83,364 | $ | 57,301 | ||||||||
Tax equivalent adjustment on securities | (13 | ) | (22 | ) | (23 | ) | (26 | ) | (34 | ) | (83 | ) | (142 | ) | ||||||||
Security interest income excluding tax equivalent adjustment | $ | 21,438 | $ | 21,498 | $ | 20,995 | $ | 19,349 | $ | 18,660 | $ | 83,281 | $ | 57,159 | ||||||||
Loan interest income1 | $ | 148,004 | $ | 150,048 | $ | 148,432 | $ | 135,341 | $ | 105,437 | $ | 581,825 | $ | 316,073 | ||||||||
Tax equivalent adjustment on loans | (203 | ) | (177 | ) | (167 | ) | (173 | ) | (115 | ) | (720 | ) | (356 | ) | ||||||||
Loan interest income excluding tax equivalent adjustment | $ | 147,801 | $ | 149,871 | $ | 148,265 | $ | 135,168 | $ | 105,322 | $ | 581,105 | $ | 315,717 | ||||||||
Net Interest Income1 | $ | 111,035 | $ | 119,505 | $ | 127,153 | $ | 131,351 | $ | 119,858 | $ | 489,043 | $ | 366,660 | ||||||||
Tax equivalent adjustment on securities | (13 | ) | (22 | ) | (23 | ) | (26 | ) | (34 | ) | (83 | ) | (142 | ) | ||||||||
Tax equivalent adjustment on loans | (203 | ) | (177 | ) | (167 | ) | (173 | ) | (115 | ) | (720 | ) | (356 | ) | ||||||||
Net interest income excluding tax equivalent adjustment | $ | 110,819 | $ | 119,306 | $ | 126,963 | $ | 131,152 | $ | 119,709 | $ | 488,240 | $ | 366,162 | ||||||||
1On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost. |
Source:
2024 GlobeNewswire, Inc., source